Why didn't my Monroe, NY house sell?

By
Real Estate Broker/Owner with 406-270-3667, kat@thehousekat.com, Broker/REALTOR® RRE-BRO-LIC-75443

Dear Potential Seller:

 

I noticed your home was on the market and has now expired without a successful sale. Almost twice as many Monroe NY homes sold this September compared to the same time period in 2014, so why wasn't your home included as one of the successful closings?  Here are a few reasons that could have impacted your success.

 

Pricing: There are currently 152 single family homes on the market in Monroe NY. As can be seen by the chart below, if you now had (for example) a three-bedroom home for sale, there are over 50 other homes vying for the same buyers you are targeting. Was your original list price set to reflect market conditions at the time? Are you reviewing the new homes as they come on the market and changing your list price if needed in response to the ever-changing competition? It's not only important to price the home correctly in the beginning, but it's also critical to keep the price competitive throughout the listing period.

Above Monroe NY information from HGMLS, Oct 6, 2015.

 

Condition: Condition is an important part of the pricing and selling equation. If all other three bedroom homes in your area have refinished hardwood floors, freshly painted walls, and have been obviously well maintained, while your home has stained carpeting, holes in walls, missing trim and more, your price needs to reflect the difference in condition. Also, condition doesn't only impact price, it impacts a buyer's immediate feelings about the home. If the front door doesn't close or open properly, and the bushes in front of the home aren't trimmed, or the driveway is cracked, the buyer could get a negative vibe before they even go inside. They may think something like "Well, if that's what the driveway looks like, what did they ignore inside?" In fact, they may drive up your driveway and decide not to view the inside at all. And for those buyers who do venture inside, will they find a home that is show-ready? Is it neat, clean, odor-free and sunny? Making sure your home is "show-ready" inside and out is critical to getting actual showings. 

 

Availability: Were showings allowed as requested, or were there a lot of rules in place about when showings could happen? Often times, buyers have a limited window of opportunity to shop for a home, especially when they are driving into the area just to house-shop. If your home isn't available to see with a few hours of notice, or is only available for showings on Sundays between 12-3pm, or is only available if you or your agent are free to personally show the home, there won't be very many showings. Your home won't sell if buyers cannot get in to see it. Allowing showings at any reasonable time with short notice, and vacating the house when a buyer agent brings buyers over, is key to successful showings.

 

Marketing: What kind of marketing was in place to help sell your home? Was the description of your home well written? Were the pictures plentiful and professional? Were there "for sale" signs outside and was the home description available in all possible online vehicles? Did your agent conduct open houses or perhaps hold a broker open house? If your home is unique in some way, were other marketing materials prepared? While price and condition and showings are all important, if buyers don't know that your home is for sale, they won't come see it.

 

So, dear Monroe NY seller, if any of the above describe issues you may have had with your previous listing and you are serious about selling your home, give me a call on 914-419-0270 or email me at kat@thehousekat.com. I will work with you to determine what the issue(s) were, and will help identify the best course of action to get your home sold successfully.

Comments (18)

Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Kat, you nailed it.  The three things that sell a house are price, condition and location.  Add in a cooperative seller and good marketing and it should be a done deal.

Oct 06, 2015 01:54 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Kat Palmiotti I take it this is an example of how you approach expired listings?  Any stats on how many contacts lead to 1 appointment?

Oct 06, 2015 01:58 AM
Anna Banana Kruchten Phoenix Broker
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Kat you have made excellent points for sellers to 'seriously' think about if they've been sitting on the market overpriced.  You know the Monroe NY real estate market. Buyers and sellers would be wise to call you - first.

Oct 06, 2015 02:30 AM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

Great post for Monroe residents Kat! There are a lot of factors involved when a home does not sell and expires but no matter what, they'd be better off calling you for representation!

Oct 06, 2015 02:58 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Kat, as Sybil said, you have nailed it.  You must be value competitive as well as price competitive.

Oct 06, 2015 03:35 AM
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Great post here, Kat.  If people all took this info to heart, their homes would sell much faster.

Oct 06, 2015 05:47 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Reports and information like you are showing make it obvious if someone is looking to get their home SOLD in Monroe New York they need hire Kat Palmiotti , a true professional.  Make it a great evening Kat.   Mark

Oct 06, 2015 07:34 AM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Kat, this is excellent advice and I only caught it because John Meussner reblogged it. Wanted to pop over and say congratulations, and am looking for a gold star!!

Oct 06, 2015 08:14 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Sybil - Thank you!  That's exactly what I was thinking.

Tony/Suzanne - I have had pretty good response to my regular mail to expired, but this is the first blog so the jury is out.

Anna - Thank you!!!

Nicole - Thank you!!!!

Grant - Exactly, it's not just price.

John - I definitely think that's true!

Mark - Thank you! I hope your evening is wonderful also.

Pat - I will pop over!  Thank you. :-)

Oct 06, 2015 09:36 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, Kat, all of those reasons could have led to the failed sales period.  Though, chances are had they listed with you, it would be long gone.

Oct 06, 2015 08:30 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Gabe - Thank you!

Oct 06, 2015 08:33 PM
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

price price price yes the other things are super ideas as well but price seems to rule

Oct 07, 2015 06:29 AM
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Kat - all good points for sellers to consider, especially before pointing fingers. The one to address with the listing agent is the marketing aspect, which is a critical part of the selling process.

Oct 07, 2015 07:25 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Kat Palmiotti most of the time, these are the factors why a home does not sell in timely manner. And what seller can work on is - all the others, while the agent guides them with the price by providing them the current market status.

Oct 07, 2015 02:16 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Mark - Definitely, if the house isn't up to snuff, the price needs to be a lot lower.

Olga - Pointing fingers doesn't solve anything anyway.

Praful - True! Thanks for the comment.

Oct 07, 2015 08:24 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Price is the big one but the others play into it too. Good advice Kat and sellers can even do better by selecting you as their agent.

Oct 07, 2015 10:40 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Debbie - Thanks so much for your comment!

Oct 14, 2015 10:57 PM
Gloria Todor
Berkshire Hathaway Home Services - Media, PA
& Doug Durren (484) 431-3686 in SE PA

Hi Kat, Thanks to John Meussner that I saw your post.  Such good points that sellers often do not grasp about selling their home.  That first point is a big one and so often sellers do not want to grasp current info.

All the best.

 

Oct 16, 2015 04:13 AM